Abstract to Shut Down on Dec. 15; Igloo Says It Lost Tens of Millions Over Two Years Abstract will shut down on December 15, 2026, citing high operating costs, limited liquidity, a restricted DeFi ecosystem and weaker market demand. Parent company Igloo said it lost tens of millions of dollars over the past two years keeping Abstract operating while searching for product-market fit and profitability. In July 2024, Igloo raised over $11 million in a Founders Fund-led round to establish Cube Labs and support Abstract’s development. Igloo will now refocus resources on Pudgy Penguins, Pudgy NFTs and PENGU.

Btc is telling us we are at the start of the bull run. Onchain has been getting slaughtered for 2 weeks and what I’m seeing is that virtually everything can be vamped. The only things that can’t be vamped are people. @vutnerable is the hardest working artist in the meme coin space. You can’t vamp that. He simply out works everyone making great art day after day. Cets will win. @PopPunkOnChain has spent a year building a new type of prediction market. Brought in a killer team and got backed by 3 premier VCs in crypto. You can’t vamp that. Pumpcade will win. @0xbeans has been in crypto for 10 years, has a ton of defi experience so he knows what works and what doesn’t and how to build defi that is sustainable long term. His last venture he built an entire blockchain and sold it Igloo Inc. You can’t vamp that type of experience. Standard Reserve will win. Ideas can be vamped. People can’t.

5 years of Pudgy Penguins. It's genuinely incredible to sit back and see how far this brand has come. I've been a holder for around 4 years now, and it's been one of the best decisions I've ever made. I still remember the depths of the bear market, everything was bleeding, NFTs were being written off completely and most people had checked out. Then there was Luca, going on space after space, podcast after podcast, preaching the same message to anyone who'd listen. The importance of proliferating IP because what's the point of having incredible IP if you can't actually leverage it? While everyone else was panicking, Luca was painting a picture of where this brand was going. Today, we have products in Walmart, Target, Amazon, and much much more. A penguin from crypto went from the timeline to every corner of the world. My own journey with this runs deep. I bought my penguin, started going to the IRL events, and met the team in person for the first time at NFT Paris back in 2023. Fast forward a bit and I ended up joining the team myself. Getting to actually contribute to where Pudgy Penguins is today has been a privilege I don't take lightly. Running activations and experiences across the world and onchain. Watching some of the brightest minds in this space get pulled into the Huddle, and even into the team. It's been a journey I'll never forget. And when you look at what's actually been built, the numbers speak for themselves. Billions of views across the world. Millions of social followers. Millions of toys sold globally. One of the largest airdrops the Solana ecosystem has ever seen. Partnerships with brands people outside of crypto know. Igloo Inc as a whole has grown into something most projects could only dream of. But at the heart of it all is this amazing community that refused to leave, the friendships built along the way, and everyone who believed in the penguin before the world caught on. 5 years in and it feels like we're just getting started. Here's to 5 more 🐧